Daily Chart Report π Monday, January 6, 2025
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Todayβs Summary
Monday, January 6, 2025
Indices: Nasdaq +1.09% | S&P 500 +0.55% | Dow -0.06% | Russell 2000 -0.08%
Sectors: 5 of the 11 sectors closed higher. Tech led, gaining +1.27%. Real Estate lagged, falling -1.37%.
Commodities: Crude Oil futures snapped a five-day winning streak, falling -0.54% to $73.56 per barrel. Gold fell -0.27% to $2,647 per oz.
Currencies: The US Dollar Index dropped -0.59% to $108.28.
Crypto: Bitcoin rose +4.02% to $102,280. Ethereum rose +1.47% to $3,689.
Volatility: The Volatility Index fell -0.68% to 16.03.
Interest Rates: The US 10-year Treasury yield rose to 4.624%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Matt Weller (@MWellerFX).
- The bull market's poster child, Nvidia ($NVDA), closed at an all-time high for the first time in two months today, rising +3.4%. It's nearly the largest in the S&P 500 again, closing slightly below $AAPL's market cap.
- $NVDA has surged +11.3% over the past three sessions, marking its best three-day rally since September. Today's breakout invalidates a three-month Head & Shoulders Top. It's often bullish when bearish patterns fail.
- If $NVDA rallies, the major averages (Dow, S&P 500, Nasdaq) will likely follow to all-time highs. However, this could turn into a nasty Bull Trap if $NVDA violates its post-election highs ($148) on a closing basis this week.
The Takeaway: $NVDA broke out to record highs for the first time in two months today. However, it must respect its post-election highs this week ($148) to avoid a Bull Trap.
Top Links
Today's Number is... Q1 - The Daily Number
Grant Hawkridge looks at seasonality for the S&P 500 in Q1 of post-election years.
Santa Claus Rally Fails to Call, But January Barometer Holds the Key - Almanac Trader
Jeff Hirsch examines the Santa Claus Rally and the January Barometer.
Natural Gas Showing Signs of Life, Says Strategasβ Chris Verrone - CNBC
Chris Verrone discusses the rebound in Nat Gas and related equities.
Quantum Computing Revolution - Alfonso's Daily Note
Alfonso De Pablos highlights the rise in Quantum Computing stocks.
Quote of the Day
"There is no terror in the bang,
only in the anticipation of it."
- Alfred Hitchcock